Strategic Research ■ Analytics ■ Modeling ■ Optimization European Economic Trends Conducted Via American Consumer Opinion® Panel:

2 European Economic Trends: | Copyright © 2013 Decision Analyst Table Of Contents Page Preface3 Background5 Countries6 Intellectual Property7 European Summary8 Economic Index—Then and Now9 Housing Purchase Plans10 France12 Germany21 Italy30 Spain39 United Kingdom48 About Decision Analyst57 Contact Decision Analyst58

3 European Economic Trends: | Copyright © 2013 Decision Analyst  Decision Analyst Economic Index  Investment Optimism  Inflation Perceptions  Purchasing Plans  Home Purchasing Plans  Credit Available  Job Availability Graphs included in this report: Objectives The primary objective of this report is to present a high-level overview of important economic trends in Europe, as seen through the eyes of ordinary men and women. This report will provide some perspective on the economies of France, Germany, Italy, Spain, and the UK, and what the future may portend. The data comes from Decision Analyst’s Economic Index Survey from 2000 through the end of Preface

4 European Economic Trends: | Copyright © 2013 Decision Analyst Methodology The Decision Analyst Economic Index Survey is conducted monthly via the Internet among several thousand households balanced by gender, age, and geography. The respondents are from Decision Analyst’s proprietary American Consumer Opinion® panel, one of the world’s largest online panels with eight million members worldwide. The monthly data is aggregated and reported by quarter in this report. The Economic Index is reported monthly. The margin of error is less than three percentage points, plus or minus, at a 95% confidence level for most of the percentages. Preface

5 European Economic Trends: | Copyright © 2013 Decision Analyst Economic Index The survey results are inputs to an econometric model that produces the Economic Index. The Economic Index tends to be a leading indicator by six to 12 months for general economic activity in each country. When the Decision Analyst Economic Index is greater than 110, it tends to signal an expanding economy. An Index value of 90 to 110 suggests a no-growth or slow-growth economy, and near or below 90 generally indicates economic contraction. However, these guidelines vary by country. Three-Month Moving Average The Index numbers for Germany and Spain are a three-month moving average to smooth month-to-month fluctuations. The reported Index number averages the current month with the two previous months. Background

6 European Economic Trends: | Copyright © 2013 Decision Analyst Countries The survey is conducted during the last 10 days of each month in the countries shown below. The time span for this report is from July 2000 through December UK Sample: 55,275 Began: Q France Sample: 79,856 Began: Q Spain Sample: 26,532 Began: Q Germany Sample: 40,047 Began: Q Italy Sample : 61,834 Began: Q3 2000

7 European Economic Trends: | Copyright © 2013 Decision Analyst Decision Analyst is the sole owner of the questions, survey results, and the report formats. Decision Analyst grants its clients the right to review and use these results in their businesses. However, these results cannot be published, reprinted, released to the media, or posted on any website without written permission from Decision Analyst. Intellectual Property

Strategic Research ■ Analytics ■ Modeling ■ Optimization European Summary

9 European Economic Trends: | Copyright © 2013 Decision Analyst *Three-Month Moving Average UK July 2003: 116 December 2012: 87 France July 2003: 93 December 2012: 76 Spain* July 2003: 104 December 2012: 73 Germany* July 2003: 95 December 2012: 99 Italy July 2003: 100 December 2012: 78 Economic Index: Then and Now April 2003 to December 2012

10 European Economic Trends: | Copyright © 2013 Decision Analyst Housing Purchase Plans Question: In the next 12 months, which of the following are you very likely to do? Take a vacation costing more than $1,000; Buy a new PC or computer equipment for home; Buy new furniture for home; Buy a new car or truck; Remodel your existing home; Buy an existing or preowned home; Buy a newly built home. 1% Build new home 3% 2% Buy existing or pre-owned home 8% 20% Remodel existing home 22% Buy furniture 21%11% Q Q France 2% Build New Home 5% 3% Buy existing or pre-owned home 7% 9% Remodel existing home 11% Buy furniture 23%14% Q Q Italy 1% Build new home 1% 2% Buy existing or pre-owned home 2% 9% Remodel existing home 7% Buy furniture 31% Q Q Germany

11 European Economic Trends: | Copyright © 2013 Decision Analyst Build new home Buy existing or pre-owned home Remodel existing home Buy furniture Build new home Buy existing or pre-owned home Remodel existing home Buy furniture Housing Purchase Plans Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. 3%10% 4%7% 15% 24%13% Q Q Spain 1%2% 3%11% 8%18% 38%18% Q Q United Kingdom

Strategic Research ■ Analytics ■ Modeling ■ Optimization France

13 European Economic Trends: | Copyright © 2013 Decision Analyst France Economic Summary 50% Believe jobs are scarce 11%58% Believe prices are increasing rapidly 34% Buy a new PC or computer equipment for the home 16%36% July 2000: 120 December 2012: 76 Economic Index Believe stocks and mutual funds will increase in value 56%11% Q Q Economic Indicators Q Credit Limit

14 European Economic Trends: | Copyright © 2013 Decision Analyst Economic Index: France France has some of the lowest Economic Index scores of all countries reported. The downtrend of the past two years signals continued economic weakness in France. Low November 2011: 71 High December 2000: 121

15 European Economic Trends: | Copyright © 2013 Decision Analyst Investment Optimism: France Question: In your opinion, will stocks and mutual funds increase in value, or decrease in value, over the next six months? Stocks and mutual funds will increase in value; Stocks and mutual funds will stay about the same; Stocks and mutual funds will decrease in value. Among Adults Aged 18+

16 European Economic Trends: | Copyright © 2013 Decision Analyst Inflation Perceptions: France Question:In your opinion, are the prices you pay for goods and services…? Increasing rapidly; Increasing slowly; Staying about the same; Decreasing slowly; Decreasing rapidly. Among Adults Aged 18+

17 European Economic Trends: | Copyright © 2013 Decision Analyst Purchasing Plans: France Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

18 European Economic Trends: | Copyright © 2013 Decision Analyst Home Purchasing Plans: France Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

19 European Economic Trends: | Copyright © 2013 Decision Analyst Credit Limit: France Question: Thinking about all of your credit cards, how close are you to the total credit limit on the credit cards you own? Very close to total credit limit (The maximum amount you can charge); Somewhat close to total credit limit; Not close to total credit limit; Do not own a credit card. Among Adults Aged 18+

20 European Economic Trends: | Copyright © 2013 Decision Analyst Job Availability: France Question: Currently, how plentiful are jobs in your area? Jobs are plentiful and easy to find; Jobs are available, but you have to search for them; Jobs are scarce. Among Adults Aged 18+

Strategic Research ■ Analytics ■ Modeling ■ Optimization Germany

22 European Economic Trends: | Copyright © 2013 Decision Analyst Germany Economic Summary 10% Believe jobs are plentiful and easy to find 17%38% Believe prices are increasing rapidly 19%25% Buy new PC or computer equipment for home 49% July 2000: 123 December 2012: 99 Economic Index Believe stocks and mutual funds will increase in value 69%18% Q Q Economic Indicators Q Credit Limit

23 European Economic Trends: | Copyright © 2013 Decision Analyst Economic Index: Germany Even though Germany has the strongest economy in Europe, the Index has trended down since December This downtrend points to economic weakness in Low March 2009: 86 High July 2000: 123 *Three-Month Moving Average — The Index numbers for Germany are a three-month moving average to smooth out month-to-month fluctuations. The reported Index number averages the current month with the two previous months.

24 European Economic Trends: | Copyright © 2013 Decision Analyst Investment Optimism: Germany Question: In your opinion, will stocks and mutual funds increase in value, or decrease in value, over the next six months? Stocks and mutual funds will increase in value; Stocks and mutual funds will stay about the same; Stocks and mutual funds will decrease in value. Among Adults Aged 18+

25 European Economic Trends: | Copyright © 2013 Decision Analyst Inflation Perceptions: Germany Question:In your opinion, are the prices you pay for goods and services…? Increasing rapidly; Increasing slowly; Staying about the same; Decreasing slowly; Decreasing rapidly. Among Adults Aged 18+

26 European Economic Trends: | Copyright © 2013 Decision Analyst Purchasing Plans: Germany Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

27 European Economic Trends: | Copyright © 2013 Decision Analyst Home Purchasing Plans: Germany Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

28 European Economic Trends: | Copyright © 2013 Decision Analyst Credit Limit: Germany Question: Thinking about all of your credit cards, how close are you to the total credit limit on the credit cards you own? Very close to total credit limit (The maximum amount you can charge); Somewhat close to total credit limit; Not close to total credit limit; Do not own a credit card. Among Adults Aged 18+

29 European Economic Trends: | Copyright © 2013 Decision Analyst Job Availability: Germany Question: Currently, how plentiful are jobs in your area? Jobs are plentiful and easy to find; Jobs are available, but you have to search for them; Jobs are scarce. Among Adults Aged 18+

Strategic Research ■ Analytics ■ Modeling ■ Optimization Italy

31 European Economic Trends: | Copyright © 2013 Decision Analyst Italy Economic Summary 81% Believe jobs are scarce 31%54% Believe prices are increasing rapidly 33%21% Buy new PC or computer equipment for home 41% July 2000: 119 December 2012: 78 Economic Index Believe stocks and mutual funds will increase in value 56%19% Q Q Economic Indicators Q Credit Limit

32 European Economic Trends: | Copyright © 2013 Decision Analyst Economic Index: Italy The Italian economy appears to be weakening. The Economic Index has trended downward for the past six years. The Index predicts continued economic struggles in Low April 2012: 73 High July 2000: 119

33 European Economic Trends: | Copyright © 2013 Decision Analyst Investment Optimism: Italy Question: In your opinion, will stocks and mutual funds increase in value, or decrease in value, over the next six months? Stocks and mutual funds will increase in value; Stocks and mutual funds will stay about the same; Stocks and mutual funds will decrease in value. Among Adults Aged 18+

34 European Economic Trends: | Copyright © 2013 Decision Analyst Inflation Perceptions: Italy Question:In your opinion, are the prices you pay for goods and services…? Increasing rapidly; Increasing slowly; Staying about the same; Decreasing slowly; Decreasing rapidly. Among Adults Aged 18+

35 European Economic Trends: | Copyright © 2013 Decision Analyst Purchasing Plans: Italy Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

36 European Economic Trends: | Copyright © 2013 Decision Analyst Home Purchasing Plans: Italy Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

37 European Economic Trends: | Copyright © 2013 Decision Analyst Credit Limit: Italy Question: Thinking about all of your credit cards, how close are you to the total credit limit on the credit cards you own? Very close to total credit limit (The maximum amount you can charge); Somewhat close to total credit limit; Not close to total credit limit; Do not own a credit card. Among Adults Aged 18+

38 European Economic Trends: | Copyright © 2013 Decision Analyst Job Availability: Italy Question: Currently, how plentiful are jobs in your area? Jobs are plentiful and easy to find; Jobs are available, but you have to search for them; Jobs are scarce. Among Adults Aged 18+

Strategic Research ■ Analytics ■ Modeling ■ Optimization Spain

40 European Economic Trends: | Copyright © 2013 Decision Analyst Spain Economic Summary 88% Believe jobs are scarce 30%54% Believe prices are increasing rapidly 75%9% Buy a new car or truck 15% July 2003: 104 December 2012: 73 Economic Index Believe stocks and mutual funds will increase in value 29%11% Q Q Economic Indicators Q Credit Limit

41 European Economic Trends: | Copyright © 2013 Decision Analyst Economic Index: Spain Since the end of 2009, Spain’s Index has steadily declined. Spain faces a tough economic road ahead. Low September 2012: 67 High July 2007: 115 *Three-Month Moving Average — The Index numbers for Spain are a three-month moving average to smooth out month-to-month fluctuations. The reported Index number averages the current month with the two previous months.

42 European Economic Trends: | Copyright © 2013 Decision Analyst Investment Optimism: Spain Question: In your opinion, will stocks and mutual funds increase in value, or decrease in value, over the next six months? Stocks and mutual funds will increase in value; Stocks and mutual funds will stay about the same; Stocks and mutual funds will decrease in value. Among Adults Aged 18+

43 European Economic Trends: | Copyright © 2013 Decision Analyst Inflation Perceptions: Spain Question:In your opinion, are the prices you pay for goods and services…? Increasing rapidly; Increasing slowly; Staying about the same; Decreasing slowly; Decreasing rapidly. Among Adults Aged 18+

44 European Economic Trends: | Copyright © 2013 Decision Analyst Purchasing Plans: Spain Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

45 European Economic Trends: | Copyright © 2013 Decision Analyst Home Purchasing Plans: Spain Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

46 European Economic Trends: | Copyright © 2013 Decision Analyst Credit Limit: Spain Question: Thinking about all of your credit cards, how close are you to the total credit limit on the credit cards you own? Very close to total credit limit (The maximum amount you can charge); Somewhat close to total credit limit; Not close to total credit limit; Do not own a credit card. Among Adults Aged 18+

47 European Economic Trends: | Copyright © 2013 Decision Analyst Job Availability: Spain Question: Currently, how plentiful are jobs in your area? Jobs are plentiful and easy to find; Jobs are available, but you have to search for them; Jobs are scarce. Among Adults Aged 18+

Strategic Research ■ Analytics ■ Modeling ■ Optimization United Kingdom

49 European Economic Trends: | Copyright © 2013 Decision Analyst United Kingdom Economic Summary 44% Believe jobs are scarce 10%46% Believe prices are increasing rapidly 25%36% Take a vacation costing more than $ % July 2000: 123 December 2012: 87 Economic Index Believe stocks and mutual funds will increase in value 52%15% Q Q Economic Indicators Q Credit Limit

50 European Economic Trends: | Copyright © 2013 Decision Analyst Economic Index: United Kingdom The Economic Index for the U.K. has steadily risen over the past 15 months, perhaps signaling an improving economic outlook for the UK in Low September 2011: 75 High July & August 2000: 123

51 European Economic Trends: | Copyright © 2013 Decision Analyst Investment Optimism: United Kingdom Question: In your opinion, will stocks and mutual funds increase in value, or decrease in value, over the next six months? Stocks and mutual funds will increase in value; Stocks and mutual funds will stay about the same; Stocks and mutual funds will decrease in value. Among Adults Aged 18+

52 European Economic Trends: | Copyright © 2013 Decision Analyst Inflation Perceptions: United Kingdom Question:In your opinion, are the prices you pay for goods and services…? Increasing rapidly; Increasing slowly; Staying about the same; Decreasing slowly; Decreasing rapidly. Among Adults Aged 18+

53 European Economic Trends: | Copyright © 2013 Decision Analyst Purchasing Plans: United Kingdom Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

54 European Economic Trends: | Copyright © 2013 Decision Analyst Home Purchasing Plans: United Kingdom Question: In the next 12 months, which of the following are you very likely to do? Buy a new car or new truck; Buy an existing or preowned home; Buy a newly built home; Remodel your existing home; Buy new furniture for home; Buy a new PC or computer equipment for home; Take a vacation costing more than $1,000; None of the above. Among Adults Aged 18+

55 European Economic Trends: | Copyright © 2013 Decision Analyst Credit Limit: United Kingdom Question: Thinking about all of your credit cards, how close are you to the total credit limit on the credit cards you own? Very close to total credit limit (The maximum amount you can charge); Somewhat close to total credit limit; Not close to total credit limit; Do not own a credit card. Among Adults Aged 18+

56 European Economic Trends: | Copyright © 2013 Decision Analyst Job Availability: United Kingdom Question: Currently, how plentiful are jobs in your area? Jobs are plentiful and easy to find; Jobs are available, but you have to search for them; Jobs are scarce. Among Adults Aged 18+

57 European Economic Trends: | Copyright © 2013 Decision Analyst About Decision Analyst Decision Analyst is a global marketing research and analytical consulting firm, serving a number of corporations, advertising agencies, and consulting firms. The name, Decision Analyst, reflects the company's decision-oriented, analytical corporate philosophy. The firm conducts multinational studies on an array of topics, spanning industries from packaged goods to high technology. The firm places great value on hard work, meeting deadlines, and staying within budgets. The focus of Decision Analyst’s efforts is decision-oriented marketing research and analytical consulting. Research must lead to decisions, to actions. The education and training of our staff reinforce this decision-analytical emphasis. Decision Analyst seeks the synergy inherent in combining qualitative research, quantitative research, secondary data, and advanced analytics (marketing science and operations research techniques), as required by the objectives of each research project. Decision Analyst is a corporation chartered in the state of Texas in 1978; it is totally owned by its employees. Decision Analyst is an active member of the Council of American Survey Research Organizations (CASRO) and subscribes fully to the Code of Standards and Ethics for Survey Research specified by CASRO. Also, Decision Analyst subscribes to and supports the ethics and quality standards set forth by the Advertising Research Foundation, the American Marketing Association, the Marketing Research Association, the Marketing Science Institute, INFORMS (Institute of Operations Research and Management Science), and ESOMAR (The World Association of Opinion and Marketing Research Professionals).

Strategic Research ■ Analytics ■ Modeling ■ Optimization Copyright © 2013 Decision Analyst Jerry W. Thomas President/CEO Decision Analyst 604 Avenue H East, Arlington, Texas ~ ANALYSIS